48 ON THE RECLAMATION 



them have been receiving a dividend gradually increasing to 4J 

 per cent, per annum, which is now at last paid on each L.I 00 

 of original stock. Had that capital been originally invested at 

 interest in the Government Funds, or upon mortgage, it would, at 

 the end of the first fifty years, during which no return was re- 

 ceived upon that expenditure of capital, have amounted to a sum 

 far above the present value of the Eiver Dee Company's estate. 



" This statement of facts will, it is hoped, be sufficient to 

 satisfy yourself and your colleagues (the letter is addressed to 

 Admiral Washington) " that the company's bargain has not been 

 so highly beneficial to them, nor so very prejudicial to the 

 citizens of Chester, as has been represented. I do not think it 

 necessary to refer further to the additional outlay incurred by us 

 from time to time after the original expenditure of L. 8 0,000 in 

 improving and maintaining the present navigation, but I will 

 rest satisfied with assuring you that the Eiver Dee Company has 

 derived no other return from that outlay than the dividend before 

 stated, and such prospect as they have of gradually and slowly, 

 and not without additional expenditure of capital or income, 

 reclaiming farther portions of this estuary." 



The Tay. 



I have already referred to Sir John Kichardson's experience on 

 the Tay, where the enclosures, on account of the limited depth 

 of water, and the favourable circumstances in which they were 

 made, were much more likely to lead to satisfactory results 

 than the cases I have cited. The water of the estuary of the 

 Tay, where Sir John Eichardson's reclamations were made, is 

 highly charged with alluvial matter, the slob lands are on a 



